Capital markets (equity) in Hong Kong

Clifford Chance

In 2019, the Greater China ECM team at Clifford Chance completed 15 IPOs on the Main Board of Hong Kong Stock Exchange for both Chinese and international companies. It also continued to assist Chinese companies with their fund raising in overseas markets. The team leverages mandates from the TMT, financial services, healthcare, real estate and consumer goods sectors. Amy Ho heads the practice in Hong Kong, with over 30 years’ experience in corporate finance, cross-border M&A and securities transactions across Asia. Virginia Lee handles takeovers, IPOs, pre-IPO investments, joint ventures, equity fundraising and compliance matters. Liu Fang advises issuers and global investment banks in Hong Kong IPOs, SEC-registered offerings, share placements, notes offerings, and other capital raising transactions. Tim Wang is the main contact in Beijing.

Practice head(s):

Amy Lo; Tim Wang (Beijing)

Key clients

Huatai Securities

Shenwan Hongyuan Group

Bank of Guizhou

JS Global Lifestyle Company

Maoyan Entertainment

CIMC Vehicle

XD Inc.

CK Asset Holdings Limited

Work highlights

  • Advised Huatai Securities, a leading technology-enabled securities group in China, on its historic offering and listing of global depository receipts (GDRs) representing its Shanghai-listed A shares on the London Stock Exchange.
  • Advised the joint sponsors and underwriters, including JP Morgan and Morgan Stanley on Budweiser Brewing Company APAC Limited (Budweiser APAC)’s $5.8bn initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEX).
  • Advised underwriters who are led by Morgan Stanley, Citigroup, UBS, Goldman Sachs and China Merchants Securities as the Joint Global Coordinators, on Hansoh Pharmaceutical’s HK IPO with the offering size of approximately $1.2bn.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP’s dedicated capital markets team offers US and Hong Kong law capabilities for both equity and debt transactions originating from China, Hong Kong and Taiwan. The team is headed by five partners, including Celia Lam, who is deeply experienced in securities offerings and listings, public takeovers and private M&A for state-owned enterprises (SOEs) and multinational corporations. Chris Lin handles IPOs across Greater China; Christopher Wong has over 24 years’ experience in China capital markets; Daniel Fertig specialises in US-registered offerings and Rule 144A and Regulation S offerings, and advises public companies on corporate governance and regulatory matters; and Yi Gao, who was recently promoted to partner, advises companies on pre-IPO and post-IPO financing and investments. Counsel Marjory Ding is recommended for public and private offerings of equity and debt securities.

Other key lawyers:

Marjory Ding

Key clients

51job, Inc.

Alibaba Group Holding Limited

Athenex Inc.


Binjiang Service Group

Cango Inc.

Canaan Inc.

China Logistics Property Holdings Co., Ltd

Crystal International Group

Ganfeng Lithium Co., Ltd.

GDS Holdings Limited

GreenTree Hospitality Group Limited

Homeland Interactive Technology Ltd.

Hon Hai Precision Industry Co., Ltd.

Honma Golf Limited

Inke Limited

JNBY Design Limited


Mulsanne Group

Natural Food International Holdings

Ozner Water International Holding Limited

Phoenix New Media

Phoenix Tree Holdings Limited

Qudian Inc.

Qutoutiao Inc.

Regina Miracle International (Holdings) Limited

Ruhnn Holding Limited

United Microelectronics Corporation

Yingli Green Energy Holding Company Limited

Zhongliang Holdings Group Company Limited

Zhenro Properties Corporation

Zhou Hei Ya International Holdings Company Limited

Bank of American Merrill Lynch

Bank of China International

CCB International

China Merchants Securities




Credit Suisse

Deutsche Bank

Goldman Sachs

Haitong Securities


J.P. Morgan

Macquarie Capital

Morgan Stanley


Work highlights

  • Advised Alibaba Group on its record-breaking $13bn Hong Kong listing.
  • Advised Canaan Inc. on its NASDAQ IPO.
  • Advised Zhongliang Holdings on its HK$2.94bn Hong Kong IPO.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP’s deep bench offers seamless Hong Kong, English, and US law advice. It acts for Chinese companies in the technology, healthcare, consumer, education, and fintech sectors, amongst others. Head of China practice Julie Gao is noted for her expertise in capital markets transactions involving IPOs as well as other equity, convertible bonds, and debt securities. Key practitioner Christopher Betts handles a large volume of Hong Kong IPOs and advises on rights issues, placings, and other fundraising activities. Shu Du Hong Kong was promoted to partner and is recommended for securities offerings. Counsel Yilin Xu focuses on public listings, M&A, and private equity investments.

Other key lawyers:

Yilin Xu

Key clients, Inc.

NetEase, Inc.

Pinduoduo Inc. International Ltd.

Pharmaron Beijing Co., Ltd.

AMTD International Inc.

Nio Inc.

Innovent Biologics

InnoCare Pharma Limited

Bilibili Inc.

Work highlights

  • Represented on its $4.3bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
  • Represented NetEase on its $3.1bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
  • Represented AMTD International (Hong Kong) on its $200m IPO of American Depositary Shares and listing on the New York Stock Exchange.

Allen & Overy

The ECM team at Allen & Overy is complemented by its bench of US securities law partners and capital markets partners in Singapore. It is active in fast-growing industries, such as real estate, life sciences and TMT, and regularly advises international investment banks on blocktrades of Hong Kong-listed companies. Practice head Lina Lee is adept at handling including IPOs, rights issues, secondary share offerings and other corporate transactions; and is fluent in English, Cantonese and Mandarin. Jonathan Hsui advises on securities, corporate and compliance matters. Kung-Wei Liu was promoted to partner. Alex Tao left for Milbank.

Practice head(s):

Lina Lee

Key clients

Duiba Group

Greentown China


BNP Paribas

Goldman Sachs



Morgan Stanley

Greater Bay Homeland Development Fund

Work highlights

  • Advised The underwriters on Cathay Pacific’s announced HKD$11.7bn rights issue as part of Cathay Pacific’s HKD$39bn recapitalisation plan.
  • Advising the sponsor and underwriters on the listing of the shares of Central China New Life on the Hong Kong Stock Exchange.
  • Advising Goldman Sachs and two leading international investment banks on the $600m top-up placement of shares, and Goldman Sachs on $300m subsequent top-up placement of shares, in HKEx-listed Shimao Property Holdings.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP handles a strong flow of US and Hong Kong IPOs and follow-on offerings across the region. With strength in TMT and biotech sectors, the firm is well-placed to advise clients in highly regulated industries. It also advises on share placements for both Hong Kong and US-listed issuers. After the recent departure of Bonnie Chan, who returned to an in-house role at the Hong Kong Stock Exchange, the team is headed up by Li He, James Lin, and junior partner Yang Chu. He acts for China-based companies, global investment banks and private equity funds on cross-border equity capital markets transactions. Lin is recommended for US and Hong Kong IPOs by Chinese companies. Chu handles high-profile biotech listings.

Practice head(s):

James Lin; Li He; Yang Chu

Other key lawyers:

Steve Wang

Work highlights

  • Advised Kingsoft Cloud on its $510m IPO and Nasdaq Listing.
  • Advised DouYu’s $775m IPO and Nasdaq listing.
  • Advised CStone Pharmaceuticals’ $285m IPO and HKEX listing.

Herbert Smith Freehills

Herbert Smith Freehills is well-regarded for advising issuers, underwriters and shareholders on public offerings and private placements of debt and equity across a broad range of sectors globally. Secondary offerings are a key area of focus for the firm and it offers advice on rights issues, block trades and accelerated entitlement offerings. It leverages mandates from the biotech, pharmaceutical, education, energy, infrastructure, TMT, finance, insurance, real estate, retail, logistics and commodities sectors. Under the leadership of Matthew Emsley, the team handles corporate finance work, including IPOs, secondary offerings and M&A. Jason Sung is recommended for the simultaneous listings of A-shares and H-shares.

Practice head(s):

Matthew Emsley

Other key lawyers:

Jeremy Shen; George Wu; Jason Sung


‘Generally a strong and stable team with reasonable fees’.

”Matt Emsley is a well connected partner, and is hands-on and smart in his approach’.

‘Matthew Emsley is one of the best capital market lawyers in Hong Kong’.

‘The firm is well-positioned with a strong Hong Kong team, and an expanding US team’.

‘Matthew Emsley is extremely dedicated and committed, he works tirelessly to provide a high standard of legal advice’.

Key clients

China International Capital Corporation Hong Kong Securities Limited

Orient Capital (Hong Kong) Limited

CMB International Capital Limited

HSBC Corporate Finance (Hong Kong) Limited

China Everbright Water Limited

Newborn Town Inc.

ICBC International Capital Limited

Macquarie Capital Limited

Huatai Financial Holdings (Hong Kong) Limited

China Merchants Securities (HK) Co., Limited

Morgan Stanley Asia Limited

Work highlights

  • Advised China International Capital Corporation, Orient Capital and the underwriters on SinoMab Bioscience Limited’s HK$1.29bn Hong Kong listing and global offering.
  • Advised CMBI and HSBC, as joint sponsors, and CMBI, HSBC, BOCI Asia Limited, AMTD Global Markets Limited, ABCI Capital Limited, China Industrial Securities International Capital Limited and Guotai Junan Securities (Hong Kong) Limited, as underwriters on Approximately Duiba Group Limited’s HK$667m listing on the Main Board of The Hong Kong Stock Exchange.
  • Advised China Everbright Water Limited on its approximately $40m IPO and dual primary listing on the Main Board of the Hong Kong Stock Exchange.


Linklaters is partnered with Zhao Sheng Law Firm in China, enabling it to provide high-quality PRC law advice, as well as international advice, to multinational clients. The firm has a close working relationship with the Hong Kong regulators, making it well-placed to advise on compliance matters. The team leverages mandates from the technology, healthcare, fintech, consumer and energy sectors. Head of practice Gilbert Li is recommended for cross-border private and public M&A, private equity and ECM transactions. Kevin Cheung, who jointly heads the team, handles a wide range of corporate finance and equity transactions. Counsel Donnelly Chan handles equity offerings, joint ventures and regulatory issues. Robert Cleaver relocated to London.

Practice head(s):

Gilbert Li; Kevin Cheung


‘The team has a very high team spirit, each team member is highly experienced and professional’.

‘On some ad-hoc inquiries, they mobilise global resources to provide best-in-class solutions’.

‘Gilbert is the most hardworking partner that I have ever worked with’.

‘Gilbert Li’s professionalism and competency in IPO execution is extremely high’.

‘Gilbert Li has very high level of affinity, it is always a pleasure to work with him’.

‘The team is knowledgeable on the latest regulatory requirements and market practice, and they are dedicated to provide top notch and reliable advice’.

‘When things get tricky, we know that Gilbert Li will always be around to help us come up with a viable solution’.

‘Highly commercial and practical legal advice’.

Key clients


J.P. Morgan

China International Capital Corporation (CICC)


Morgan Stanley

Credit Suisse

Bank of America



China Securities

Blue Moon Group Holdings Limited

Cathay Pacific Airways Limited

Work highlights

  • Advised Cathay Pacific on the landmark HK$39bn recapitalisation proposal.
  • Advised the joint global coordinators, the joint sponsors, the joint bookrunners, the joint lead managers and the joint underwriters on the $856m IPO of China Feihe – the 6th largest IPO on the Hong Kong Stock Exchange in 2019.
  • Advising Blue Moon Group Holdings on its highly anticipated proposed IPO.

Norton Rose Fulbright

Norton Rose Fulbright has strong connections to key Chinese sponsors and underwriters, enabling it to act at the forefront of IPOs and other ECM transactions in Hong Kong and further afield. The practice has a focus on the property management, life sciences, education and energy sectors. Head of team Psyche Tai has over 20 years’ experience advising Chinese corporates and multinationals on IPOs and listings. Terence Lau is noted for his expertise in convertible bonds, top-up placings and subscription of notes. Senior associate Aldo Chan focuses on corporate finance, capital markets transactions and M&A.

Practice head(s):

Psyche Tai


‘A team with a dedicated attitude and attention to detail’.

‘Terence Lau most is very resourceful and closely oversees the transaction in hand’.

‘Well-rounded team who know the market’.

‘Doris Ng was very accessible throughout’.

‘Doris Ng demonstrated excellent technical skills and was capable of providing legal advice that was both commercially sound and sensitive to business needs’.

Key clients

ABCI Capital Limited

Argonaut Securities

Beijing Capital Land Ltd.

BOCI Asia Limited

BNP Paribas Securities (Asia) Limited

CCB International Capital Limited

China Galaxy International Securities (Hong Kong) Co., Limited

CLSA Limited

Gemini Investments (Holdings) Limited

GF Capital (Hong Kong) Limited / GF Securities (Hong Kong) Brokerage Limited

Haitong International Capital Limited / Haitong International Securities Company Limited


Huatai Financial Holdings (Hong Kong) Limited

ICBC International Capital Limited

Lego Corporate Finance Limited

Macquarie Capital Limited

Magnus Concordia Group Ltd

Nomura International (Hong Kong) Limited

PT Indo Premier Sekuritas

UBS AG Hong Kong Branch

Work highlights

  • Advised the joint sponsors and joint global coordinators on Poly Property Development Co., Ltd’s spin-off from major Chinese SOE Poly Developments and Holdings Group, and separate HK$5.4 bn H-share listing on the Main Board of HKEx and global offering.
  • Advised BOCI Asia Limited as the sole sponsor and sole global coordinator in relation to the global offering and listing of the shares of EuroEyes International Eye Clinic Limited on the Main Board of Hong Kong Stock Exchange, raising gross proceeds of approximately HK$595m. EuroEyes is a well-known German ophthalmic group with a wide geographical reach, with operations in Germany, Denmark and China.
  • Advised Beijing Capital Land Ltd. on its rights issue of 5 rights shares for every 10 existing shares comprising H share rights issue at HK$1.87 per H rights share; domestic share rights issue at RMB1.68 per domestic rights share and non-H foreign share rights issue at RMB1.68 per non-H foreign rights share, and net proceeds of approximately RMB2,492m (approx. $351m) in aggregate was raised.

Slaughter and May

Slaughter and May has a deep working relationship with the HKSE and SFC, and has several partners serving on committees, including Benita Yu, who is a member of the SFC Takeovers and Mergers Panel,and the Takeovers Appeal Committee. Yu is experienced in cross-border listings and share offerings by overseas corporations and PRC SOEs. John Moore, who is US and Hong Kong-qualified acts for investment banks, corporations and private equity funds on capital markets, M&A and private equity transactions. The practice also handles IPOs, secondary placings, strategic placings and bond issues for major corporate issuers, investment banks and sovereigns. Peter Brien heads the team.

Practice head(s):

Peter Brien

Key clients

China International Capital Corporation

Citigroup Global Markets Asia Limited (Citi)

Credit Suisse (Hong Kong) Limited (Credit Suisse)

DBS Asia Capital Limited (DBS)

Goldman Sachs (Asia) L.L.C. (Goldman Sachs)

Haitong International Capital Limited (Haitong)

The Hongkong and Shanghai Banking Corporation Limited (HSBC)

Huatai Financial Holdings (Hong Kong) Limited (Huatai)

Macquarie Capital Limited (Macquarie)


Work highlights

  • Advised Haitong and DBS, as joint sponsors and joint global coordinators, as to Hong Kong and U.S. laws on the global offering and listing of BEURG on the Main Board of the HKSE, raising HK$620m.
  • Advised Goldman Sachs, as placing agent, on Hong Kong and US laws in relation to the placing of 200 million existing shares in China Resources Land Limited (CR Land) held by CRH (Land) Limited and the subsequent top-up subscription of 200 million new shares in CR Land.
  • Advised Citigroup Global Markets Asia Limited, as manager, on Hong Kong and US laws in relation to the HK$1.3bn secondary block trade of shares in Ping An Healthcare and Technology Company Limited (Ping An Good Doctor) held by Hero Wall Limited.

Sullivan & Cromwell

Sullivan & Cromwell handles IPOs and securities offerings in the Hong Kong and Greater China markets, and further afield. It is adept at handling dual listings on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. Key practitioners include Kay Ian Ng, Ching-Yang Lin and Chun Wei.

Practice head(s):

Kay Ian Ng; Ching-Yang Lin; Chun Wei

Other key lawyers:

Garth Bray


Ashurst  is well-regarded for handling IPOs and other ECM transactions for investment banks and financial institutions, as well as businesses in the pharmaceutical, biotech, digital economy, infrastructure, and energy and natural resources sectors. Areas of focus include entitlement offers, equity subscriptions, rights issues, private placements, block trades and buy backs. Head of practice Frank Bi is experienced in global transactions and compliance matters. Melody He-Chen, who recently joined from DLA Piper, jointly heads the team and focuses on securities offerings. Stuart Rubin is the name to note in London. Counsel Li Jiang is dual-qualified in the State of New York and Hong Kong.

Other key lawyers:

Li Jiang


‘Ashurst provides high quality, efficient and commercial solutions to clients that facilitates the smooth execution of transactions’.

‘The team is responsive and communicates effectively’.

‘The level of dedication at the senior level from Ashurst is excellent’.

‘Stuart Rubin is very hands-on and dedicated as a senior partner’.

‘Stuart Rubin has good commercial sense and a deep understanding of international capital markets and investment banks’.

Key clients

Investment banks such as Goldman Sachs, Citi, Credit Suisse, UBS, Nomura, BofA Merrill Lynch, Nomura, etc.

JP Morgan

CMB International

ICBC International

Panda Green Energy Group Limited

Inke Limited

Kintor Pharmaceutical Limited

CEB International

CCB International

Haitong Securities

Work highlights

  • Advised Panda Green Energy Group Limited the client in relation to a subscription agreement for the allotment and issue of 7,176,943,498 shares of the Company at the subscription price of HK$0.25 per subscription share for a total cash consideration of around HK$1.8bn.
  • Represented UBS as placing agent in connection with the $400 million primary offering of H-shares in Guotai Junan.
  • Acted for Inke Limited on a share purchase agreement with certain independent third parties (as vendors) to purchase 100% shareholding in a Cayman Islands company and 84.3% equity interest in the Cayman Co’s indirectly controlled PRC Company (the ‘Domestic Company’) for an aggregated consideration of $85m for the purpose of acquiring a social networking APP (Jimu APP) developed by the Domestic Company.


Deacons is noted for its high volume capital markets practice, with experience in IPOs, secondary issues, M&A, and corporate restructurings. The team leverages mandates in the IT, fashion, food and beverage, construction and property management sectors. Head of practice Ronny Chow has over 25 years’ experience in corporate finance and securities work, and cross-border private equity transactions. Eugina Chan jointly heads the team. Senior associate Doris Leung is recommended and Canny Lau was promoted to partner.

Practice head(s):

Ronny Chow; Eugina Chan


‘Deacons has an enviable reputation as a leading Hong Kong capital markets practice over the past three decades’.

‘Its breadth and depth of expertise in acting for sponsors and issuers are outstanding in this field’.

‘Its strength lies in its pool of talented and dedicated practitioners who are well-versed with the nuances of corporate finance transactions’.

‘Sabrina Fung is particularly recognised in the industry for her superb client service, combining technical excellence with business acumen’.

‘Good relationship with customers’.

‘Good service quality’.

‘The team is very experienced’.

Key clients

Analogue Holdings Limited

BNP Paribas Securities (Asia) Limited

DBS Asia Capital Limited

Dongxing Securities (Hong Kong) Company Limited

Guotai Junan Capital Limited

Haitong International Capital Limited

Huijing Holdings Company Limited

ICBC International Capital Limited

Renrui Human Resources Technology Holdings Limited

Tai Hing Group Holdings Limited

Work highlights

  • Advised the sponsor and underwriters on the spin-off and HK$3.9bn Main Board IPO of Xinyi Energy Holdings Limited.
  • Advised Huijing Holdings on its Main Board IPO, which raised approximately HK$1,521m.
  • Advised the sole sponsor DBS Asia Capital Limited and underwriters in relation to the Main Board IPO of JY Grandmark Holdings Limited, which raised  approximately HK$1,410m.

Hogan Lovells

Hogan Lovells’ Greater China team is adept at handling cross-border mandates across the Asia-Pacific region and beyond. With strong regulatory and listing compliance capabilities, the firm is well-placed to advise clients in the real estate, consumer, energy, life sciences, industrial and  TMT sectors. It offers deep US securities expertise on-the-ground in the shape of team co-head Stephanie Tang, who advises on public offering and private placing work. Sammy Li jointly heads the team and is recommended for IPOs, global offerings, rights issues and other capital markets fund raising transactions. Nelson Tang, who also jointly heads the team, handles public takeovers and regulatory compliance matters. Stephen Peepels  retired.

Practice head(s):

Sammy Li; Nelson Tang; Stephanie Tang

Other key lawyers:

Jeffrey Lee; Samson Suen


‘Nelson Tang is very professional and knowledgeable.’

‘Nelson Tang can always deliver practical solutions to address our business needs’.

‘Jeffrey Lee is professional and responsible and is a good problem solver for our company’.

Key clients

Jumei International Holding Limited

The buyer consortium which includes the Chief Executive Officer and Chief Operating Officer of Gridsum Holding Inc., as well as an affiliate of the private equity investor Hammer Capital Private Investments Limited

BOCOM International

Nomura International (Hong Kong)

China Tonghai Securities

Huatai Financial Holdings


Orient Securities

BNP Paribas Securities (Asia) Limited

Midea Real Estate Holding Limited

Fineland Real Estate Services Group Limited (“Fineland”)


BOC international

Work highlights

  • Advised BOCOM International (Asia) (as sole sponsor), and BOCOM International Securities, Nomura International (Hong Kong), and China Tonghai Securities (as joint global coordinators and underwriters) on the initial public offering and listing of Tai Hing on the Main Board of the Stock Exchange of Hong Kong.
  • Advised Huatai Financial Holdings (as sole sponsor), Huatai Financial Holdings, CLSA, and Orient Securities (as joint global coordinators), and the other underwriters on the initial public offering and listing of Manpower Group Greater China.
  • Advised BOCOM International (Asia) (as sole sponsor), BOCOM International Securities, China Everbright Securities, and Haitong International Securities (as joint global coordinators), and the other underwriters on the initial public offering and listing of S.A.I. Leisure.

King & Wood Mallesons

King & Wood Mallesons is able to handle cross-border mandates with ease, with on-the-ground lawyers in Hong Kong who are qualified in PRC, Hong Kong, English and US law. Its ability to provide PRC advice for Hong Kong and US listings by Chinese issuers is valued by clients. Sheldon Tse, who heads the Corporate and Securities group, specialises in corporate finance, private equity transactions, M&A, and foreign direct investment projects. Gary Lock jointly heads the team and handles complex IPOs, private and public takeovers, corporate reorganisations and privatisations. Candy Chan, who also jointly heads the team, advises investment banks, companies and SOEs on IPOs in Hong Kong.

Practice head(s):

Sheldon Tse; Gary Lock; Candy Chan


‘The capital markets team is very dedicated and works well with banks and clients’. 

‘John Baptist Chan and Candy Chan are very experienced capital market lawyers who are very hardworking and detailed-oriented in helping clients to solve various issues’

‘They provide a team with both international firm expertise and experience, with strong PRC and Hong Kong local background and knowledge’.

‘The team were able to provide solid advice and practical solutions to resolve difficult issues in a timely and professional manner’.

Key clients

CSSC (Hong Kong) Shipping Company Limited

China Everbright Capital Limited, SBI China Capital Financial Services Limited and China Galaxy International Securities (Hong Kong) Co., Limited

Orient Capital (Hong Kong) Limited and other underwriters

Huatai Financial Holdings (Hong Kong) Limited and ABCI Capital Limited

Ruicheng (China) Media Group Limited

Huali University Group Limited

Poly Property Development

Sanvo Fine Chemicals Group Limited

China Industrial Securities International Financial Group Limited (“CISI”)

Work highlights

  • Advised CSSC Shipping on its HK$2bn (before the exercise of the over-allotment option) IPO on the Main Board of the Hong Kong Stock Exchange.
  • Advised the joint sponsors on the IPO and listing of the H-shares of Sichuan Languang Justbon Group Co., Ltd. on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Advised Poly Property on its HK$4.68bn IPO and the listing of its H-shares on the Main Board of The Stock Exchange of Hong Kong Limited.

Morgan, Lewis & Bockius

Morgan, Lewis & Bockius has strong experience in the niche area of education sector IPOs. Other areas of focus include public company M&A, post-IPO transactions, and PIPEs. With its international network of offices, the practice is well-positioned to handle cross-border deals, including dual-listings. Global head of capital markets Edwin Luk is well-regarded for his experience in cross-border M&A, and capital markets and private financing matters. Luk also handles securities regulation, compliance matters and restructuring.

Practice head(s):

Edwin Luk

Other key lawyers:

June Chan; Billy Wong; Keith Cheung

Key clients

China East Education Holdings Limited

Shanghai Gench Education Group

Meten International Education Group

Anta Sports Products Limited

Raffles Interior Ltd

Contel Technology Company Limited

Scholar Education Group

JH Educational Technology Inc.

CMMB Vision Holdings Limited

Zengame Technology Holding Limited

West China Cement Limited

Comtec Solar Systems Group Limited

China Hongqiao Group

Minsheng Education Group Company Limited

Hainan Meilan International Airport Company Limited

Work highlights

  • Represented China East Education Holdings Limited on its $629m IPO listing on the main board of the Stock Exchange of Hong Kong.
  • Advised Meten International Education Group on its successful $700m merger with EdtechX Holdings Acquisition Corp.
  • Represented Anta Sports Products in connection with a HK$778m investment into the company by Chip Wilson, the founder of Lululemon.

Morrison & Foerster

Morrison & Foerster assists major Chinese investment banks and PRC companies with listing in Hong Kong. It is particularly experienced in pharmaceutical and biotech IPOs and regulatory matters. Head of practice Venantius Tan has over 25 years’ experience in Hong Kong capital markets transactions and his dual-qualified in Hong Kong and New York. Ke Huang focuses on international trasnactions and is experienced in advising issuers and underwriters in Rule 144A and Regulation S international equity and debt offerings throughout Asia.

Practice head(s):

Venantius (Ven) Tan

Other key lawyers:

Ke Huang; Vivian Yiu

Key clients

Lvji Technology Holdings Inc.

Shenzhou International Group Holdings Ltd.

China Harmony New Energy Auto Holding Ltd.

Dynagreen Environmental Protection Group Co., Ltd.

Sunshine 100 China Holdings Limited

Science City (Hong Kong) Investment Co. Limited

Work highlights

  • Advised Lvji Technology Holdings Inc. in its approximately $84.4m initial public offering of 352,700,000 ordinary shares.
  • Advised the controlling shareholders of Shenzhou International Group Holdings Ltd. on their approximately HK$3.2bn block trade of shares in Shenzhou International Group Holdings Limited.
  • Advised China Harmony New Energy Auto Holding Ltd. on the placing of new shares under general mandate raising approximately HK$156m.


O'Melveny is noted for its strength in listing Chinese life sciences and biotech companies in the US and Hong Kong. It also acts for issuers and underwriters on strategic and capital raising transactions in the fintech, consumer, retail, TMT, real estate and education sectors. Areas of expertise include secondary and follow-on stock offerings, Rule 144A, Regulation S, Section 4(a)(2) / Regulation D, PIPEs and other unregistered offerings, as well as regulatory compliance matters. Beijing-based Ke Geng heads the team.

Practice head(s):

Ke Geng


‘Ke Geng is very pleasant and professional counsel ‘.

‘Ke Geng is an expert in his practice and can also present and articulate very well’.

Key clients


Peijia Medical

Pharmaron Beijing Co., Ltd.

Viva Bio

Dexin China Holdings Company Limited

Shanghai Kindly Medical Instruments Co., Ltd.

UP Fintech Holding Limited (Tiger Brokers)

China Securities International Finance Holding Company Limited/Aikuyou

First Shanghai Capital Limited/Chen Lin Education HK IPO

Guotai Junan Capital Limited/Zhongguancun

Aesthetic Medical International Holdings Group Limited

Caitong International Capital Co., Limited /China Wan Tong Yuan HK IPO

China VAST

China Ping An Insurance Overseas (Holding) Limited

Henan Honliv Hospital

Hygeia Healthcare

Yeahka Technology

Work highlights

  • Advised AkesoBio on its Hong Kong IPO.
  • Advised Pharmaron on its Hong Kong IPO
  • Advised Peijia Medical on its Hong Kong IPO.

Paul Hastings LLP

Paul Hastings LLP has forged close relationships with Chinese banks and through its Hong Kong, Shanghai and Beijing offices, it handles IPOs and global offerings, right issues, placing and block trades. Other areas of focus include follow-on offerings, regulatory expertise, H Share listings and B to H share listings. With a focus on biotechnology and healthcare, the firm also has clients in the manufacturing, energy, TMT, real estate and hospitality sectors. Chair of the Greater China practice Raymond Li is well-regarded for advising both leading Chinese corporations and internationally renowned inbound investors into Chinese markets. Chaobo Fan joined as partner from Latham & Watkins LLP. Jason Kuo left for King & Wood Mallesons.

Other key lawyers:

Samuel Ng; Vincent Wang; Chaobo Fan


‘The team has outstanding performance in capital markets, cross-border investment, mergers and acquisitions, and international arbitration’.

‘The team has high overall quality’.

‘The team has rich experience and can handle complex issues’.

Key clients

Morgan Stanley

Credit Suisse



SoftBank Vision Fund

CMB International Capital Limited

CCB International Capital Limited


BOCI Asia Limited


China Merchants Securities

CanSino Bio

China Vanke

COSCO SHIPPING Development Co., Ltd.

ICBC International Capital

SinoMab BioScience Limited

Jinshang Bank

China International Marine Containers

Work highlights

  • Advised Jinshang Bank on its $422m global offering and listing of its H shares on the Hong Kong Stock Exchange.
  • Advised Morgan Stanley Asia Limited and CLSA Capital Markets Limited as joint sponsors in the $390m global offering and IPO on the Main Board of the Hong Kong Stock Exchange of Jinxin Fertility Group Limited.
  • Advised Credit Suisse (Hong Kong) Limited, Morgan Stanley Asia Limited, and ICBC International Capital Limited as joint sponsors in the $381m global offering and IPO on the Main Board of The Hong Kong Stock Exchange Limited of JS Global Lifestyle Company Limited.

Baker McKenzie

The capital markets team at Baker McKenzie covers Hong Kong, China and the Asia Pacific Region. It advises on securities offerings to raise equity, including IPOs, secondary share offerings, warrants and options, and convertible and exchangeable bond issues. Key clients include leading issuers, investment banks, financial institutions, commercial banks, PRC SOEs and private sector enterprises. Beijing-based Jackie Lo heads the practice and handles corporate finance and securities matters.

Practice head(s):

Jackie Lo

Other key lawyers:

Ivy Wong; Christina Lee


‘Able to advise on both listed-company and cross-border transactions in the various sectors and geographic locations’.

‘Christina Lee has in depth knowledge on the M&A practices especially the takeovers codes and listing rules’.

‘Christina Lee is able to simplify complex legal issues and explain to the client in a simple way’.

‘They have a detailed understanding of our business and are familiar with Hong Kong’s legal system’.

‘Good communication, very diligent and conscientious’.

Key clients

Amuse Group Holding Limited

AVIC International Holding Corporation

BaoQiao Partners Capital Limited

BC Technology Group Limited

BOCOM International Holdings Company Limited

BOCOM International Securities Limited

CCB International

CCB International Capital Limited

Changsha Broad Homes Industrial Group Co., Ltd

China Evergrande Group

China Galaxy International Financial Holdings Limited

China International Capital Corporation Hong Kong Securities Limited (CICC)

China LotSynergy Holdings Limited

China Merchants Commercial Real Estate Investment Trust

China Pacific Insurance (Group) Co., Ltd.

China Railway Construction Corporation Limited

Chinese Estates Holdings Limited

Citibank, N.A.

CMB International Capital Limited (CMBI)

Country Garden Holdings Company Limited

Credit Suisse (Hong Kong) Limited

Defond Electrical Industries Ltd.

Evergrande Health Industry Group Limited

Evergrande Real Estate Group Limited

Gemini Investment (Holdings) Limited

Hengten Networks Gr

Work highlights

  • Advised China Merchants Commercial Real Estate Investment Trust with properties located in the Greater Bay Area in China in its listing on the Hong Kong Stock Exchange.
  • Advised the client on Beijing Capital Land Ltd.’s proposed H share rights issue. CICC, CMBI and HSBC are the joint global coordinators; CICC, CMBI, HSBC and Silk Road International are the placing agents; and CMBI, HSBC, Silk Road International and BCG Chinastar International Investment Limited are the underwriters of the H share rights issue.
  • Advised China Railway Construction Corporation Limited (CRCC), one of the ultra-large integrated construction enterprises in the world, on its offering of $1bn guaranteed perpetual securities that closed on 27 June 2019.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is well-regarded for high-end capital markets transactions. With its strong US presence, the firm is well positioned to advise on the SEC-related issues and the US securities law aspects of transactions. Freeman Chan has 30 years’ experience representing issuers and underwriters in Hong Kong-listed IPOs. US-qualified Shuang Zhao advises Chinese corporate clients and investment banks on transactions in the US and Hong Kong.

Key clients

Jinko Solar

Lenovo Group

Morgan Stanley

Credit Suisse

Hansoh Pharmaceutical Group

Work highlights

  • Acted as US counsel to OneConnect Financial Technology in its US initial public offering.
  • Acted as Hong Kong and US counsel to Hansoh Pharmaceutical Group Company Limited in its approximately HK$9 bn initial public offering and listing (including over-allotment option).
  • Acted as Hong Kong and US counsel to Topsports International Holdings Limited in its approximately $1.2 bn initial public offering and listing in Hong Kong.

DLA Piper

DLA Piper is active in the Hong Kong and US IPO spaces, as well as other high-value offerings. The China-based team handles corporate financing transactions, and provides post-listing and compliance counsel for PRC investment banks and SOEs. It also acts for clients in the in the e-commerce, technology, education, aviation, finance, transportation and life science industries. The team, which has China, Hong Kong, US and UK-qualified lawyers, is headed by Luke Gannon. Liu Wei is recommended for Greater China-related restructuring and listing matters. Melody He-Chen left for Ashurst.

Practice head(s):

Luke Gannon

Key clients

China Southern Airlines Company

Medialink Group

Sinopharm Group

Hydoo International

Semiconductor Manufacturing International Corporation

Tianfeng Securities

Chengdu Expressway Co.


Valuable Capital

Maxim Group

China Merchants Securities (HK)


BOC International

Work highlights

  • Acted as Hong Kong legal adviser to China Southern Airlines on its proposed non-public issuance of H shares.
  • Advised Medialink Group on its initial public offering on the Main Board of the Hong Kong Stock Exchange with concurrent global placement pursuant to Regulation S.
  • Advised Semiconductor Manufacturing International Corporation (SMIC) on its issuance of $200m zero coupon convertible bonds due 2022.

Eversheds Sutherland

The Greater China capital markets team at Eversheds Sutherland handles fund raising financial transactions including IPOs, secondary fund raising, corporate restructuring, privatisations and reverse takeovers. Head of corporate Asia Stephen Mok has over 25 years’ corporate finance experience and speaks fluent English and Chinese (Cantonese and Mandarin). Norman Hui was recently promoted to head of equity capital markets and is recommended for corporate finance, M&A and private equity transactions.

Other key lawyers:

Amy Yu; Dickson Ng


‘Long-serving and stable team members’.

‘Hands-on involvement from senior members of the team’.

‘They provide practical advice to clients, striking the right balance between legal strictness and commercial viability’.

‘They have a young and vibrant team which is highly dependable and responsive’.

‘Dickson Ng stands out from the very strong corporate team’.

‘Dickson Ng leads by example and always puts his clients first’.

‘Dickson Ng has a level-headed character and a pragmatic approach’.

‘One of the most professional firms in town with good commercial connections and thus good business sense’.

Key clients

EuroEyes International Eye Clinic Limited

China International Capital Corporation Hong Kong Securities Limited (CICC)

Jilin Province Chuncheng Heating Company Limited

BOCI Asia Limited

Acme International Holdings Limited

Imagi International Holdings Limited

China Gas Industry Investment Holdings Co. Ltd.

Fortune Financial Capital Limited

Mont Avenir Capital Limited

Work highlights

  • Advised EuroEyes International Eye Clinic Limited (EuroEyes) in connection with the listing of its shares on the Hong Kong Stock Exchange (sponsored by BOCI Asia Limited).
  • Advised China International Capital Corporation (CICC), the Sole Sponsor, Sole Global Coordinator and Sole Bookrunner, on the IPO of Chinese biotechnology company Mabpharm Limited.
  • Advised Jilin Province Chuncheng Heating Company Limited, a state-owned enterprise, the issuer, in connection with its listing of H shares on the Hong Kong Stock Exchange.

Fangda Partners

After the recent arrival of new practice head Colin Law from Shearman & Sterling, Fangda Partners continues to go from strength to strength in the equity capital markets space. The PRC-based firm focuses on capital markets and securities transactions, including IPOs, takeovers of public companies, privatisation and regulatory matters. Arman Lie was promoted to partner.

Practice head(s):

Colin Law


‘Attention to details showing sound business acumen, with flexibility, and applying innovative thinking. ‘

Colin Law is always generous in sharing valuable experience and offering creative advice; As a client we can see a strong partnership is built upon professional solutions rather than solely commercial interests‘.

Very solid M&A and capital markets practice, and familiar with mainland China and Hong Kong markets‘.

Ability to focus directly on the core issues and understand client’s needs‘.

The team is very diligent and efficient. The team members are fluent in English, and communicate easily with foreign companies’.

Key clients

Jinxin Fertility Group

Merrill Lynch Far East

Goldman Sachs

Citigroup Global Markets Asia

Morgan Stanley Asia

China International Capital Corporation Hong Kong Securities

Feiyang International Holdings Group Limited

SG Group Holdings Limited

Wuxi Biologics (Cayman) Inc.

Work highlights

  • Took the lead counsel role in advising Jinxin Fertility Group Limited on its application for listing on the Stock Exchange.
  • Took the lead counsel role in advising Merrill Lynch Far East Limited and Goldman Sachs (Asia) L.L.C. s on the proposed global initial public offering of Frontage Holdings Corporation on the Main Board of The Stock Exchange of Hong Kong.
  • Represented WuXi Biologics and its controlling shareholder, WuXi Biologics Holdings Limited (“BH”), in 6 placement transactions since January 2019 with the total value of 6 placings of around $4.2bn.

Jones Day

Jones Day handles cross-border financial transactions, regulatory matters, investigations and related litigation. Leaning on its global network for support, the firm is well-placed to handle international finance matters. The team leverages mandates in the biotech, healthcare, life sciences and TMT sectors. Head of practice Joelle Lau advises on IPOs and post-listing fund raising transactions.

Practice head(s):

Joelle Lau

Other key lawyers:

Terry Kwok; Donna Ko; Charles Chau


‘Professional advice from partners in timely manner’.

‘The team is passionate’.

Key clients

CLSA Limited

GenScript Biotech Corporation

Haitong International Asset Management Limited

New Hope Group Co Ltd

China Galaxy International Financial Capital Limited

China International Capital Corporation Limited (CICC)

China International Capital Corporation Hong Kong Securities Limited

Shanghai Junshi Biosciences Co., Ltd

Asia-Germany Industrial Promotion Limited

Halcyon Capital Limited

China Everbright Securities International Limited

Mr. LEE Ka Kit, co-chairman of Henderson Land Development Company Limited (through his wholly-owned special purpose vehicle, Peace Perfection Limited)

CMBC International Capital Limited

BOC International (Asia) Limited

China Wanxin City Development Group

Huatai Financial Holdings (Hong Kong) Ltd

Work highlights

  • Advised China International Capital Corporation Hong Kong Securities Limited and the underwriters in connection with a $253.1m global offering and Hong Kong listing of CSSC (Hong Kong) Shipping Company Limited, a PRC state-owned company and the first shipyard-affiliated leasing company in Greater China.
  • Acted as the US and Hong Kong legal advisors of GenScript Biotech Corporation in relation to its (a) approximately $423.8m initial public offering of 18,425,000 American depositary shares and spin-off listing of its subsidiary Legend Biotech Corporation on the Nasdaq Global Select Market, and (b) approximately $24m purchase of ordinary shares of Legend Biotech in a concurrent private placement of Legend Biotech.
  • Represented China International Capital Corporation Hong Kong Securities Limited as sole sponsor and global coordinator in the $57.7m IPO of YCIH Green High-Performance Concrete Company Limited on the Main Board of the HKSE.


Milbank focuses on the capital markets transactions in the Philippines, India, Vietnam, Indonesia and Thailand markets. US-qualified team head James Grandolfo handles concurrent equity placements and bond offerings, rights issues and recapitalisations across Asia. Alex Tao joined from Allen & Overy and Paul Pery was promoted to partner. David Kuo left for DLA Piper.

Practice head(s):

James Grandolfo

Other key lawyers:

Paul Pery; Alex Tao

Key clients


Morgan Stanley


Deutsche Bank

Goldman Sachs


BPI Capital


Credit Suisse


Bank of America Merrill Lynch

Mizuho Securities

Philippine National Bank

Metro Pacific Investments Corporation

GIC Private Limited

Son Kim Land Corporation

Standard Chartered Bank

BNP Paribas Securities (Asia) Limited

China International Capital Corporation

Kingsway Financial Services Group Limited

Australia and New Zealand Banking Group Limited

First Abu Dhabi Bank PJSC

SBICAP (Singapore) Limited

Work highlights

  • Advised UBS, CLSA and Credit Suisse as joint lead managers in connection with AllHome Corporation’s $250m IPO under Reg. S – the first and only international IPO out of the Philippines in 2019, and the country’s largest since 2016.
  • Advised Metro Pacific Investments Corporation and Singapore Sovereign wealth fund GIC Private Limited in connection with the majority sale of interest in Metro Pacific Hospital Holdings, Inc. to a consortium of investors led by KKR.
  • Represented the sole sponsor and the underwriters in connection with the Hong Kong IPO of Xinyi Energy Holdings Limited (“Xinyi Energy.

Reed Smith Richards Butler

Reed Smith Richards Butler handles a variety of capital-raising transactions, and with its global network of offices, it is well-positioned to handle domestic and cross-border matters. Areas of focus include IPOs, follow-on offerings, rights issues, secondary offerings and private placements. Denise Jong heads the practice.

Practice head(s):

Denise Jong

Other key lawyers:

Delpha Ho; KC Mok; Ivy Lai

Ropes & Gray LLP

Ropes & Gray LLP advises on cornerstone investments for market-leading investors. Victoria Lloyd heads the practice with over 20 years’ experience. Clients include multinational corporate entities, investment banks, and global and Chinese private equity firms, sovereign wealth funds and asset managers. Areas of focus include equity capital markets transactions, public M&A, and securities and regulatory advice.

Practice head(s):

Victoria Lloyd

Other key lawyers:

Irene Lau

Key clients


Rainbow Concept International Holding Limited

Work highlights

  • Advising CMC in connection with the pre-IPO structuring of one of its portfolio companies.

Wilson Sonsini Goodrich & Rosati

Wilson Sonsini Goodrich & Rosati focuses on high-end IPOs and follow-on offerings in the technology, education, healthcare, life sciences and consumer sectors. Acting for issuers and underwriters, the practice has a strong focus on Chinese markets. Practice head Dan Ouyang splits her time between Beijing and Hon Kong, and is well-regarded for IPOs in Hong Kong and the US.

Key clients

Credit Suisse Securities

Deutsche Bank Securities

Goldman Sachs

Citigroup Global Markets

BofA Securities

China International Capital Corporation

China Index Holdings Limited

Qutoutiao Inc.

Ascentage Pharma Group International

WuXi AppTec

Work highlights

  • Advised the underwriters on GSX Techedu’s on $208m IPO and $289m follow-on offering.
  • Advised China Index on its direct listing in the US by way of spin-off from Fang Holdings Limited.
  • Advised on Qutoutiao’s $100m follow-on offering and another follow-on offering for the resale by selling shareholders.

Addleshaw Goddard

Under the leadership of Daniel Wan, the equity capital markets team at Addleshaw Goddard acts for sponsors and underwriters on IPOs. The team leverages mandates from the infrastructure, insurance, financial services, healthcare and power industries, amongst others.

Practice head(s):

Daniel Wan


‘The team has a high-level of knowledge and experience, together with a professional service’.

Key clients

BOCOM International (Asia) Limited

China Galaxy International Securities (Hong Kong) Co., Ltd.

China Industrial Securities International Capital Limited

CMB International Capital Limited (CMBI)

Guosen Securities (HK) Capital Company Limited

Guotai Junan Capital Limited

Haitong International Capital Limited

Southwest Securities (HK) Capital Limited

SPDB International Capital Limited

Work highlights

  • Acted for BOCOM and CMBI for the successful listing of Shanghai Kindly Medical Instruments Co., Ltd. on the Hong Kong Stock Exchange.

Mayer Brown

With offices in Hong Kong, London and New York, Mayer Brown has strong support in key financial centres to support its global capital markets practice. It acts for issuers and underwriters throughout Asia on the full spectrum of equity capital markets transactions. Head of team Billy Au advises Chinese SOEs and privately owned enterprises on global offerings, inbound and outbound M&A and other corporate finance matters.

Practice head(s):

Billy Au

Key clients

China Overseas Land & Investment Ltd.

Huarong Investment Stock Corporation Ltd. (issuer)

Hong Kong Huafa Investment Holdings Company Limited (issuer)

Jiayuan International Group Limited

BNP Paribas (underwriter)

CCB International Capital Limited (underwriter)

Credit Suisse (underwriter)

Guotai Junan Capital Limited (underwriter)

Haitong International Securities Company Limited (underwriter)

UBS Securities Hong Kong Limited (underwriter)

Work highlights

  • Advised IVD Medical Holding Limited on the global offering of 333,400,000 shares  at an offer price of HK$3.07 per share.

Shearman & Sterling

Shearman & Sterling advises advising both issuers and underwriters on Hong Kong IPOs and US IPOs for Chinese companies. With US, Hong Kong and English law capabilities, the firm is well-placed to advice on international matters. Kyungwon Lee relocated from New York to Hong Kong in early 2019 to lead the Asia capital markets practice. Matthew Bersani  retired.

Practice head(s):

Kyungwon (Won) Lee

Other key lawyers:

Max Hua; Edward Bong

Key clients

Morgan Stanley

Citigroup Global Markets Limited

BofA Securities

Central Retail Corporation Public Company Limited

Goldman Sachs

J.P. Morgan

Haitong International Securities Company Limited

China International Capital Corporation Hong Kong Securities Limited

CLSA Limited

Merrill Lynch

Work highlights

  • Advised the underwriters in connection a $30m SEC-registered secondary offering by Hutchison Healthcare Holdings Limited as selling shareholder of 1,700,000 American Depositary Shares representing 8,500,000 ordinary shares of Hutchison China MediTech Limited.  
  • Advised Jinxin Fertility Group Limited in connection with its $390m global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
  • Advised Thailand’s Central Retail Corporation on its approximately $2.3 billion initial public offering.